Case Study: V&L

Industry: Pharmaceuticals
Markets Impacted: Mexico and India
Services provided: Goods Purchase Order financing

VL (1)


V&L, a Mexican pharmaceutical company, partnered with Fishtail to finance the launch of a generic insulin business (to alleviate country-wide insulin shortages) and support its ambitious growth goals.

Within a year of purchase order financing via Fishtail, V&L was able to: establish market entry, build credibility, and become Mexico’s largest government insulin supplier.

> 100%

increase in revenue

> 3 million

insulin vials dispatched in 2022

> 22

new customers established


Until recently diabetes was the second-leading cause of death in Mexico. This was due to poor country-wide diets as well as acute shortages and high prices of the only available branded insulin.

A Mexican pharmaceutical company, V&L, recognized an opportunity to expand its business and save lives by importing and distributing generic insulin. By offering an affordable alternative to expensive branded insulin, the company  could improve access to lifesaving treatment for diabetics in Mexico.


After setting up their initial supply chain with an Indian manufacturer, V&L was seeking a financing partner to help them launch the business and support its complex operations and vision for growth moving forward.

Borrowing from banks was not a viable option for V&L due to the complexity of their supply chain and demand patterns, which made it difficult for banks to accurately assess loan requests. Relying on informal lenders such as loan sharks, often the only other available option for small and medium-sized businesses in emerging markets, came with sky-high interest rates and aggressive debt collection tactics that make it difficult to run and grow a profitable business.

It was critical for V&L to have continuous, fast and fair access to working capital to not only achieve market entry, but also meet growing demands, eventually refine and strengthen their supply chain, and work towards their vision of expanding the business into other LATAM countries.


V&L's partnership with Fishtail has been crucial in driving the company's fast success and planned expansion. Thanks to Fishtail's Purchase Order financing, V&L has achieved significant milestones in just one year:

  • They successfully introduced a new product, generic insulin, to the Mexican market.

  • Became the country's largest government supplier of insulin - having delivered over 3 million vials of insulin in 2022 alone. 

  • Experienced rapid growth, allowing them to increase their margins while continuing to meet growing demand in Mexico. 

  • Launched an ecommerce business, D Life, which provides diabetic individuals with medication, products, and food delivered directly to their homes.

What's next?

Onshoring of medical supplies manufacturing from India to Mexico

Our financing and growth partnership with V&L continues to thrive. The company is currently working with Fishtail to financially plan for the onshoring of medical supplies manufacturing from India to Mexico, a move that aims to: increase efficiency, decrease production and delivery costs, and reduce the company's environmental footprint. Onshoring production will offer numerous benefits, most importantly reduced transportation costs, increased control over production processes, and the ability to respond more quickly to changes in demand.

International expansion

As part of their commitment to growth and sustainability, V&L plans to expand internationally, leveraging their onshore production capabilities to export medical products to underserved Latin American markets. Fishtail will provide the necessary growth capital to finance these exports.



Partnering with Fishtail for our trade financing needs allowed us to aggressively grow our existing pharmaceutical business and be able to reach our current demand. With Fishtail's help, we began to import generic insulin to alleviate Mexico's insulin shortage and diabetes crisis, all while increasing our margins and reducing our environmental footprint as a company. With Fishtail's Purchase Order financing, we can access our working capital sooner and advance cash to our suppliers faster, allowing us all to move as quickly as we need.

Juan Pablo Vilar Llantada, CEO V&L